Hiscox returns to half-year profit
Hiscox has revealed a pre-tax profit of £125.8m for the first six months of the year, reversing a loss of £85.6m in the same period of 2011.
In the six months to 30 June 2012 the insurer saw gross written premiums rise by 7% to £906.4m (H1 2011: £847.5m). The group's combined operating ratio improved substantially to 81.7% as opposed to the 116.9% delivered in the first half of last year.
However the high net worth specialist's UK division, saw profits tumble from £25.2m in the first half of 2011 to £15.8m this year. Gross written premiums were broadly flat at £184m (H1 2011: £182.9m) as the combined operating ratio deteriorated to
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